Listed developer
Sunland
is betting on a significant recovery in south-east Queensland, having purchased the Australian Broadcasting Corporation’s former Brisbane riverfront headquarters for $20 million.

The acquisition follows Sunland’s $25 million buyout of Suncorp’s debt in the Maddison Estate on the Gold Coast last month, and continues the company’s $60 million to $70 million outlay on development sites per year for the last four years.

“I think we have now set up a portfolio for great growth," Mr Abedian said.

“If you look at where we are in the cycle at the moment, we are about to go through a period of growth in ­Brisbane."

The 15,000-square-metre site at Toowong is four kilometres from the city centre. The site has been abandoned for almost six years following the ABC’s decision to leave the property due to health concerns after several staff members developed cancer.

Mr Abedian said Sunland did not have concerns the site was contaminated or would cause health problems in the future.

“There have been multiple, independent tests conducted and there is nothing to suggest any of the allegations are correct," Mr Abedian said.

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He said none of the adjoining residential developments had been affected in any way by the site.

Full confidence

“We have full confidence that when we come to develop the site it will be the best."

Subject to approvals, Sunland plans to build medium-rise apartments on the site and open it up for public access to the river.

Sunland has already drawn up plans for a $220 million residential project called Abian in Brisbane city, due to be launched next year.

Colliers International’s Pat George and Brendan Hogan negotiated the sale of the ABC site.

“In our opinion, it is the best absolute riverfront site in Brisbane. Where else can you buy 15,000 square metres of land on the river so close to the CBD?" Mr George said.

Mr Hogan said the strong enquiry reflected not only the quality of the site, but the strength of the apartment market.

“The residential market in Brisbane is well and truly on the way to recovery, with sentiment, sales volumes and values improving, and in line with this, developers are back in the market buying development sites," he said.

“Toowong is one of the most sought-after apartment locations in Brisbane, and there will undoubtedly be great demand from buyers for Sunland’s end-product on this site."